Wednesday, February 20, 2008

Excise, customs duty cut on petro-products expected in Indian Budget 2008

India government could be contemplating a proposal to cut duties on crude oil and petroleum products to counter the high global oil prices. The proposal includes a reduction in customs duty on crude oil (from 5% to 2.5%); petrol and diesel (from 7.5% to 5%); aviation turbine fuel (from 10% to 7.5%); and naphtha, natural gas and non-domestic LPG (from 5% to 2.5%). The duty changes, if accepted, will be announced in the Union Budget.

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